Emaar’s sukuk at $500m

28 Jan 2011

(MENAFN) Emaar Properties, said that it increased its first international fixed-income offering to $500 million through trust certificates of five and a half years maturity and 8.5 percent yield, reported Gulf News.

The company, which is B1/BB rated, said that Sukuk Al Ijarah, was its first regional public offering. A total of $1.7 billion subscriptions were obtained.

The company stated that after the company’s $500 million bond, this public offering would introduce Emaar’s first fixed-income offering.

The company plans on using the funds raised through the sukuk in financing its strategy and enlarging its debt maturity profile, said Emaar chairman, Mohammad Alabbar.

It is worth noting that the Dubai Government owns 31.22 percent of Emaar Properties through Investment Corporation of Dubai.

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